The Nevada residential real estate purchase agreement (“residential purchase and sale agreement”) is a contract used to facilitate the purchase of real estate between a buyer and a seller. On the agreement, the buyer will present a monetary offer to purchase the property, which includes the terms of their offer.
Furthermore, the buyer must specify how they will be financing the purchase if their offer is accepted by the seller. Up until the date that the buyer’s offer closes, the seller may choose to accept the offer, negotiate, or refuse it. If both parties are in agreement and sign the document, the sale will be finalized making it legally binding.
Do Sellers in Nevada Have to Disclose Property Defects?
Nevada does require real estate sellers to disclose any material defects. Certain states do not require the seller to disclose all defects (caveat emptor), meaning the buyer assumes the responsibility to conduct a real property inspection to seek out any potential defects with the property. In those states, if a buyer fails to conduct a proper examination, they may not have a legal alternative to reverse the real estate transaction.
Required Seller Disclosures in Nevada
Along with any material defects with the property, sellers in Nevada will also need to provide the following:
- Common-Interest Community. If the property being purchased is part of a common-interest community, sellers are legally held accountable to issue a copy of the form linked above to the buyer notifying them of their rights and what documents they’re entitled to when acquiring the property. The buyer must then sign off on the form to confirm that they acknowledge the information provided.
- Construction Defect. State law stipulates that the seller of a home that is subject to a construction defect claim(s) must issue a notice to the purchaser clarifying this matter.
- Gaming Districts. Compulsory for newly constructed properties that are located within a county containing a population greater than 700,000, this disclosure requires vendors of real property to present buyers with information regarding the proximity of gaming enterprise districts to the residence being sold.
- Impact Fees. If the purchaser is subject to any impact fees upon the transfer 0f ownership, the seller is obliged to disclose this information prior to concluding the sale.
- Lead-Based Paint Disclosure. Any home that was constructed earlier than 1978 must come with a disclosure upon the transfer of the property that includes any data concerning the presence of lead on the premises as well as educational materials that communicate the risks involved with coming into contact with the harmful substance.
- Lien for Deferred Taxes. If applicable, the seller must provide written notification to the purchasing party declaring that there is currently an active lien for deferred taxes pending on the property.
- Open Range. Homes located within the vicinity of an open range must come equipped with a disclosure from the seller reporting this information.
- Private Transfer Fee Obligation. The seller of a residence that is subject to a PTFO must alert the prospective buyer of this issue by supplying them with a written notice.
- Road Maintenance District. A transfer may not occur for a property located within road maintenance district unless the seller notifies the purchaser, in writing, of this information as well as the amount of any assessments that could be charged.
- Seller’s Real Property Disclosure. Transferors of a residential dwelling must fulfill a copy of this disclosure form noting the property’s current condition as well as the presence of any material defects.
- Soil Report. Only demanded for recently built homes that have not been occupied for 120 days after completion, this disclosure compels sellers to furnish buyers with documents regarding the property’s soil report.
- Water & Sewer Rates. The water and sewer rates must be disclosed if the property being transferred fits all the following descriptions:
- It is a previously unsold residence or improved lot
- It is serviced by a public utility for water and sewerage
- The public utility serves between 25-2,000 customers
